Defendant Name: KBR, Inc.

Defendant Type: Public Company
SIC Code: 1629
CUSIP: 48242W10

Document Reference: 2018-127

Document Details

Legal Case Name In the Matter of KBR, Inc.
Document Name SEC Charges KBR for Inflating Key Performance Metric and Accounting Controls Deficiencies
Document Date 02-Jul-2018
Document Format Administrative Proceeding
File Number 3-18569
Allegation Type Issuer Reporting and Disclosure
Document Summary On July 2, 2018, the SEC issued a press release regarding SEC charges against KBR Inc., stating: "The Securities and Exchange Commission today charged global engineering and construction company KBR Inc. with inflating a key, non-financial statement performance metric known as work in backlog. KBR agreed to pay a $2.5 million penalty to settle the SEC's charges." Furthermore, "The SEC's order also found that KBR had deficient internal accounting controls and failed to make accurate and reliable estimates of the costs to complete seven Canadian contracts, which led the company to overstate net income."

Related Documents:

33-10516 02-Jul-2018 Administrative Proceeding
Order Instituting Cease-and-Desist Proceedings Pursuant to Section 8A of the Securities Act of 1933 and Section 21C of the Securities Exchange Act of 1934, Making Findings, and Imposing a Cease-and-Desist Order
On July 2, 2018, the SEC issued an order against KBR, Inc., stating: "KBR is a global engineering, construction, and services company based in Houston, Texas. On May 30, 2014, KBR filed a Form 10-K/A that: (a) restated and amended earnings in its consolidated financial statements for the fiscal year ended December, 31, 2013, and its unaudited consolidated financial statements for the third quarter of 2013; (b) reduced its disclosed backlog as of the fiscal year ended December 31, 2013; and (c) identified a material weakness in its internal control over financial reporting."